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全球股市在2007年呈现出大起大落的震荡态势,下半年次贷危机的加剧和各国政策的变化显著加大了市场波动性。美国国债收益率全面下跌,短期收益率超过中长期收益率的倒挂现象再上半年消失,下半年短期国债收益率下跌速度大大快于中长期国债。次贷危机加剧后,货币市场信贷紧缩严重,市场利率快速走高,大幅偏离了基准利率,反映了市场普遍的信贷紧缩状况。
In 2007, global stock markets showed ups and downs with turmoil. In the second half of the year, the subprime mortgage crisis intensified and the changes in various countries’ policies significantly increased market volatility. Treasury yields fell in the United States. Short-term yields overturned those of medium-and long-term yields and disappeared in the first half of the year. Short-term government bond yields fell much faster in the second half than medium-and-long-term treasury bonds. After the subprime mortgage crisis intensified, credit crunch in the money market was severe. Interest rates in the market rose rapidly and sharply deviated from the benchmark interest rate, reflecting the prevailing credit crunch in the market.